In the last year, there has been a significant movement in America among the black community to invest in themselves. African-American owned banks have been around for years, but they have not necessarily been so well-known outside of their local communities.
Here are five African -American owned banks in America that you should know.
#1 One United Bank
One United is the second largest black-owned bank and the first black internet bank in the United States. Its offices are located in Boston, Miami, and Los Angeles. Founded in the year 1968, it offers a variety of services, such as deposits, lending, and sponsoring community development programs across the country.
In the last two years, One United Bank has financed over $100 million in loans. Furthermore, the United States Department of Treasury has deemed One United as the highest bank enterprise in community development in America a whopping ten times!
This bank is located in Massachusetts, California, and Florida.
#2 Citizens Trust Bank
Citizens Trust is an African-American owned and operated bank that was founded almost 100 years ago. In February 2016, the bank received an initiative boost of $1 million from Producer Jermaine Dupri, rapper Killer Mike, and R&B singer Usher. The bank offers a variety of services that include deposits and lending loans. The minimum amount that you can deposit in Citizens Trust Bank is $50, but there is no minimum balance required.
This institution is located in Stone Mountain, North Birmingham, Atlanta, Columbus, and Lithonia.
#3 Seaway Bank
Seaway Bank is a full-service black-owned commercial bank that is located in Illinois. The bank was established in 1965 as Seaway National Bank of Chicago. Seaway Bank was created in order to confront discriminatory lending practices that were experienced by blacks on the southside of Chicago.
The bank’s founders were a group of local businessmen who tirelessly sold shares door to door in order to raise $1 million in capital, as that was the amount needed to secure the federal charter. At the end of its first year in operation, the bank had risen over $5 million.
It is located in Chicago. The minimum amount to deposit is $25 with no minimum balance required and no monthly fees.
#4 Liberty Bank
Liberty Bank was founded in 1972 and charted in New Orleans, Louisiana. It focused on service delivery, integrity, and sincere interest in business and community development. In four decades, it has expanded to 18 offices in six states, located in New Orleans, Baton Rouge, Kansas City, Chicago, Tuskegee, Montgomery, and Detroit. The bank enlarged its Kansas City market through the acquisition of Douglass Bank in 2008.
The bank offers various services such as saving, lending and financing community programs. There is no minimum amount to open an account and no minimum balance required, and a monthly fee is $2 for electronic statements.
#5 Industrial Bank
Industrial Bank was founded on August 20, 1934. In fact, it is the oldest Black American-owned commercial bank in the metropolitan Washington, D.C. region.
Since 1934, Industrial Bank has delivered essential financial and banking services, which have significantly contributed to the growth and development of the Washington, D.C. community. The bank started with only six employees and $192,000 in assets; now the bank has over 115 employees and over $389 million in assets. The minimum deposit is $25 with no minimum balance required and no monthly fees.